Gemini Corp. (TSX-V:GKX) announces that it intends to complete a non-brokered private placement of up to $3,900,000, comprised of units of Gemini at a price of $0.20 per unit, with each unit consisting of one common share in the capital of Gemini and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share at a purchase price of $0.25 for a period of two years from the date of issue.
$3,000,000 of the financing will be subscribed for by Coril Holdings Ltd., which will result in Coril becoming a new "control person" of Gemini, as defined by the policies of the TSX Venture Exchange.
The remainder of the financing will be subscribed for by the new directors and Gemini management personnel. Gemini will seek approval from its shareholders for the financing prior to closing pursuant to the policies of the TSX Venture Exchange.
The directors and senior officers of Gemini have entered into lock-up agreements with Coril pursuant to which they have agreed to, among other things, vote all of their common shares in favor of the resolution to approve the financing and any matters relating thereto.
Funds raised from the financing will be directed toward the growth and increased capacity of the corporation.
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